Abbey, Alliance & Leicester and Bradford & Bingley are all to be rebranded as parent company Santander ups its UK profile.
Anyone with complaints still receives protection under the Financial Services Compensation Scheme, which helped customers of the failed Icelandic bank Icesave last winter.
Abbey: consumers will be protected
An Abbey spokeswomen said: ‘There are no plans to change the current banking licence structure with all customers continuing to be afforded the same level of protection at this time.
‘Today’s announcement is about our intention to change the brands which we operate, not the structure of our businesses.
‘Currently Abbey and Bradford & Bingley are under one licence while Alliance & Leicester is under a separate licence.’
Although there are no plans to change the way consumers’ savings are protected under the FSCS, savers should be alert to any future restructuring, which could see all three brands authorised as a single entity rather than individually. This would mean that only the first £50,000 of any savings would be protected. Currently a customer with £50,000 in an Abbey account and the same amount in an Alliance & Leicester account would get all of their money back in the event of Santander collapsing.
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